- The funds will be used to expand the company.
- They are also joining the global goal of bringing 1 billion users to Web3
- 17 investors took part in the financing round
Web3 payment infrastructure provider, Transak, attracted $20 million investment. 17 investors took part in the Series A funding round, namely: CE Innovation Capital, Animoca Brands, IOSG, The LAO, Sygnum, Signum Capital, Woodstock Fund, and others.
With the latest funding, Transak plans to expand its global footprint and strengthen the development of its implementation solutions, in particular by focusing on web3-based gaming and financial applications.
Bingze Gu, partner at investor CE Innovation Capital, said:
“At CEiC, we are actively investing in the development of the Web3 ecosystem. Transak is leading this revolution by using its innovative On/Off Ramp solution as a powerful tool to bring the next billion users to Web3. Their recent initiatives, such as Transak One and the NFT checkout offer, not only lower the barriers to entry into Web3, but reimagine them.”
Transak was founded in 2019. Then there was an urgent need for a solution that would allow developers of web3 systems to accept users with fiat. Already in 2020, the company launched the On-Ramp platform that supports onboarding. Platforms using Transak allow users to buy or sell cryptocurrencies from 150+ countries, regardless of location.
Also, their fiat product, On/Off-Ramp, supports over 120 apps, including Metamask and Trust Wallet wallets, DeFi and CeFi platforms, and games like Splinterlands and Decentraland.